Dominion Energy Inc. on last Thursday reported its financials for the quarter ended Sep 30. Revenue of $3.45 billion for the reported quarter saw growth of 8.5 percent ahead of the revenue of $3.18 billion last year. An earning of $854 million against $665 million a year ago has been reported. Per share earnings remained $1.30 with compared to $1.03 per share in same quarter last year.
Resultantly company reported adjusted earnings of $ 758 million or $1.15 per share earning to an expected earning of $1.13 per share.
By these results Dominion is posing its pace is in agreement to achieve its full year forecast comfortably. Also Dominion’s advancement towards its strategic initiative remained exceptional which will be supportive for its growth rate stability in years ahead.
Dominion Energy Inc. (NYSE:D) is a New York listed company, headquartered in Richmond, Va. Comprised of three core business segments of Power Generation, Power Delivery and Gas Infrastructure. With a clientage of 6 million individual and corporate customers, Dominion stands among the country’s largest energy producer and transporter.
In last quarter, climatic conditions in services area of Dominion’s two power segments remained favorable for its advancement in earning growth. Establishment of its project, Cove Point Liquefaction, also boosted earning in the gas infrastructure segment on year over year basis. Lower Tax rates through tax reforms passed last year also benefited the Dominion’s growth rate. These factors altogether balanced the effects of lower tax credit on renewable energy and higher share count due to selling of stock for raising balance sheet figures and funding of expansion plans.
Over the past quarter on the strategic front Dominion has been remain on the front. At the October end, Dominion completed an agreement with private equity fund to sell its half of the share in Blue Racer Midstream for $1.5 billion. Earlier in September for a total of $1.32 billion, it agreed to sell three of its electric generating facilities. Dominion is intending to utilize those cash proceeds to settle its debts.
With all these last quarter beating results and strategic intensions, for current quarter Dominion outlook for an EPS of $0.80 to $0.95 with full year EPS guidance of $3.95 to $4.10.